These tips will help you buy a home successfully in our current market.
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Our Phoenix market has recovered quite a bit since the pandemic started. Homes are selling quickly, and the situation is very competitive for buyers out there. If you’re thinking of buying a home, there are several tips to remember to find and close on the right home at the right price.
First, make sure you have expert representation. A new or inexperienced agent probably won’t be able to help you very well in our current market. My team and I have been helping clients since 2005, so we know a thing or two about winning in a competitive market.
After that, get pre-approved. By this I mean a full loan pre-approval, not just a pre-qualification letter or a quick phone conversation with a lender. If you plan on buying with cash, now’s the time to gather your proof of funds. This proof needs to be from a banking institution, not a friend who says they’ll loan you the money.
Next, avoid asking for scary stuff. “Scary stuff” means whatever the seller finds scary. For example, it’s scary to ask them to accept your offer if it’s contingent on the sale of your current home. It’s also scary to ask them for closing costs or to make repairs on the house. You’re better off negotiating the contract in good faith and addressing potential repairs after any issues are found in the inspection.
Also, don’t be afraid to pay market value in a competitive market. A home’s market value is what it’s worth right now—not six months ago. No one’s stealing a property in this market (unless it’s a gutted property). Getting a great deal right now just means getting a great home. I’m not suggesting that you overpay for a property; just be willing to pay market value to get the home you want.
Lastly, include a video as part of your offer to engage with the seller (which you can refer to in the contract). This video should be personal. Tell the seller what you love about their home, how you and your family plan on acclimating to the neighborhood, etc. If you aren’t able to create a video, the next best thing would be to write a letter with the same information.
If you’d like to know more about buying in a competitive market or have any real estate questions at all, don’t hesitate to reach out to me. I’m here to help.